The Different Types of Savings Accounts, Explained According to the BBC, just over 50% of adults living in the North East have less than £100 in savings. Saving money isn’t always easy, but it starts with choosing the right kind of account for you. Fortunately, choosing an account to save for a rainy day doesn’t have to rain on your parade. Whether you’re saving for a new home, extending your family, finally pursuing your passion for travel, or simply saving for an emergency fund, we have the account to suit you. Below, we’ll explain the different types of savings accounts available at Newcastle Building Society so you can find the account to help you reach your savings goals. Cash ISAs Ideal for those who want to protect their savings from tax in the long term, an Individual Savings Account (ISA) is a great way to save. This is what sets ISAs aside from regular savings accounts in that you don’t pay any tax on the interest you accumulate, up to an annual ISA allowance of £20,000 for the 2017/18 tax year. At the Newcastle Building Society, we offer a range of Cash ISAs including the Newcastle First Home ISA and Fixed Rate ISAs. So why not take a look at our CustomISA page, where we offer the opportunity to create a package of multiple accounts to spread your annual allowance. Or, if you’re still unsure, read our full Cash ISA guide on our website. Easy Access Accounts Easy Access Savings Accounts are just that, easily accessible. If you find yourself needing to dip into your savings, you’re able to access your account without any notice or paying a penalty. Plus, you can pay in and take out whatever you need with no limit to the number of deposits or withdrawals. They’re also an excellent option for those who are new to saving, as you can open an account with as little as £1. Regular Savings Accounts Most banks and building societies offer different variations of this standard type of savings account. For example, here at Newcastle Building Society we offer the children’s savings account Newcastle Big Little Saver, perfect for setting up a nest egg for younger savers. There are other options too, such as the Newcastle Help to Buy: ISA or the Newcastle First Home Saver. With initial deposits from as little as £1, regular accounts are a great starting platform for an aspiring saver. To find out more, take a look at our Regular Savings Accounts page. Fixed Rate Bonds Do you have a sum of money that you can lock away for a set period of time? Well, for those of you who are hoping to open a savings account and deposit a lump sum, a Fixed Rate Bond may be the account for you. Though these accounts often have limited access, here at the Newcastle Building Society you can withdraw up to 25% of your capital until your account maturity date and the interest rates are fixed for a set term. So, you can know exactly how much interest you’ll accumulate when you set up your account. We understand that our customers work hard for their money, and want to find the right account for their savings. For more helpful tips, why not read our blog on tax-efficient ways to save your money? Whatever you’re saving for, we hope you’ve found this blog useful! You can find more information and advice on the savings page on our website. Or feel free to call our savings advisers, who will be happy to provide you with further information on our available savings products, on 0345 734 4345. Tax-Efficient Ways to Save Your MoneyHow Much Should I Have in my Savings Account?